2/3 Think Worst Is Yet to Come for USA
August 12, 2010
The Wall Street Journal headline is grim: Grim Voter Mood Turns Grimmer Underpinning the gloom: Nearly two-thirds of Americans believe the economy has yet to hit bottom, a sharply higher percentage than the 53% who felt that way in January. Wow. I think thebarrage of terrible economic news this week has people realizing that you can’t borrow your way out of a debt problem. So far this fiscal year, the US has paid more in interest on its rapidly rising debt than it’s taken in from all corporate taxes.
Why Focus on Government Spending?
April 1, 2009
The mounting government debt–$2.98 trillion in recent bailouts and stimuli alone–is an oppressive anchor around the neck of every American. Currently, every family of 3 is obliged to pay over $118,000 in the next 30 years. That’s a house payment with a variable-rate. In other words, the government has done exactly what helped cause the mess for individuals by borrowing beyond its means at a teaser rate of 0.8 percent. That Teaser Rate Will Skyrocket